Fintech is a relatively new area of technological advancement that has been stirring up and disrupting markets all across the financial industry over the past decade, starting with online banking and now transitioning into the world of title insurance and other title services.
For a long period of time, there have been just a few national title companies that have dominated this $15 billion industry due to their long-standing reputation in the title insurance and real estate closing industries, but the need for a technological boost in the title industry has been long overdue. The title insurance industry has been historically characterized by opacity, inefficiency, and paper-oriented processes, but it is now finally moving into the modern era and embracing technology with the help of national title companies like Close Happy® by Elevated Title™ and others.
Title Insurance: A Look Back
Historically, most title services have been fragmented and localized. This is because most mortgage bankers and real estate agents have had local relationships. People like working with those that they know, but this doesn’t necessarily mean it’s always best for you — the end customer.
Even so, with today’s technology, these sort of business connections in the real estate and title industries are being made daily on a national scale thanks to the multitude of ways to digitally network with other industry professionals from across the country. As this continues to be a trend, local and national title companies alike will have to begin to implement digital platforms for their title services in order to stay afloat during this massive fintech revolution.
Technology Means More Options For Title Services
With the emergence of fintech onto the scene, you as a home buyer or home seller now have more options for title companies that offer the same title services as the financial conglomerates — but with more cutting-edge technology for a more simplified, straight-forward process. So when it’s time to close on your home, don’t just settle for whatever your agent or lender provides you for a title company — you have alternative, better options!
Choosing The Right Technology-Driven Title Services
While you do have a multitude of options now at your disposal, deciding on the right title company to entrust with your title services needs is still something that should not be taken lightly. There are certainly a plethora of fintech startups that have come onto the scene in recent months, but just because these companies know about technology does not always mean they understand the ins and outs of the title industry per se.
The key factors behind title companies that will last in this new technology-driven title insurance industry are not only having the digital resources, but also having a key understanding and scope of experience in title services.
Any experienced realtor, lender, or title insurer will tell you that there are a multitude of “hiccups” that can occur during the title closing process, and knowing what to do in these scenarios is something that only practice will teach you. Many of the newer California tech startups that are embarking on their quest to get a piece of the pie in the fintech industry might know a lot about data integration, user experience, and all other things digital, but creating a digital platform that truly encompasses title services and e-closings in an effective manner takes a balance of both title industry knowledge and technological resources.
Close Happy® by Elevated Title™ is just that.
With the Close Happy® app, home sellers, buyers, realtors, and lenders alike get the cutting-edge technology of a Silicon Valley app startup combined with the vast knowledge and experience that only a national title company like Elevated Title™ can offer.
This ensures that every aspect of title services from title insurance, title searches, transaction coordination, title closings, and everything in between goes smoothly and in the manner that you choose. Whether you prefer a fully digital closing method, the traditional paper and pen route, or a hybrid of the two, your experience with us is completely customizable to your liking.
If you’re ready to begin implementing digital solutions the right way for your title closings, contact Elevated Title™, your Top Rated National® title company today to get started and download the Close Happy® app!